Mortgage on a $300K house in Virginia
$1,942 a month with 20% down — $1,614 principal and interest plus $178 property tax and $150 insurance.
Virginia's typical property tax is 0.71% of the home's value a year (U.S. average 0.9%), which adds $178 a month on a $300K home. The typical home in Virginia is worth $412,252, so $300K is 27% below the typical price.
$300K home in Virginia: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $60,000 | $240,000 | $1,614 | $0 | $328 | $1,942 | $83,200 |
| 10% down | $30,000 | $270,000 | $1,816 | $113 | $328 | $2,256 | $96,700 |
| 5% down | $15,000 | $285,000 | $1,917 | $119 | $328 | $2,364 | $101,300 |
| 3.5% down (FHA) | $10,500 | $294,566 | $1,982 | $133 | $328 | $2,442 | $104,700 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.71% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in Virginia does $300K buy a typical home?
In these counties the typical home value is within 15% of $300K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| King and Queen County | $299,161 | 0.52% | $1,895 |
| Dinwiddie County | $300,969 | 0.55% | $1,901 |
| Essex County | $296,194 | 0.57% | $1,906 |
| Waynesboro City | $293,551 | 0.67% | $1,931 |
| Newport News City | $291,426 | 1.01% | $2,017 |
| Westmoreland County | $309,231 | 0.6% | $1,915 |
| Salem City | $290,648 | 0.9% | $1,988 |
| Northampton County | $309,419 | 0.57% | $1,907 |
| Page County | $310,702 | 0.64% | $1,925 |
| Appomattox County | $289,196 | 0.52% | $1,894 |
| Norfolk City | $310,877 | 1% | $2,014 |
| Cumberland County | $288,159 | 0.57% | $1,907 |
65 of 133 Virginia counties tracked by Zillow have a typical home value at or below $300K. See all Virginia home prices.
Other prices in Virginia
Frequently asked questions
What is the mortgage on a $300K house in Virginia?
About $1,942 a month with 20% down at 7.11%: $1,614 principal and interest, $178 property tax and $150 insurance.
How much do I need to make to buy a $300K house in Virginia?
About $83,200 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $300K house in Virginia?
At Virginia's typical effective rate of 0.71%, about $2,132 a year. Rates vary by county and city — see the county pages.